The recently passed housing law contains a $7500 tax credit for first time buyers but it must be paid back over 15 years. In an earlier post, prior to passage, I stated (wrongly) that the new law would allow buyer of properties a tax credit of $7500 ($500/year). First time home buyers can get a $7500 tax credit but must pay it back (recapture) over 15 years beguinning in the 2010 tax year. The following article clearly covers all issues, advantages and disadvantages of this new credit.
http://www.fairmark.com/news/08073001-homebuyer-credit.htm